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Buying a New Car? 3 Tips to Help You Save Money

Posted by Aisha Hillary-Morgan on 10 Jul 18

We are always searching for tips to help you with your loan or deposit journey. Today, we wanted to give you some tips if you are looking to buy a new car. We all love that new car feeling, especially when you know you have found a great deal. So, with these three hacks from Aussie Finance Blog and the chance to auction your car loan on the Lodex Marketplace, you are onto a winner.  

1. Timing

The time of the year can be a massive factor in how much (or how little) you pay for your car. Choose to buy your car towards the end of the financial year, and you could secure yourself a very nice deal. You see, at this time of the year, dealers are eager to hit their sales targets for the year or to beat last year’s record. Whatever their motivation, there’s no doubt that they are much quicker to offer cut-price deals or throw in free extras at this time of year.

You can also get good deals in December as manufacturers push dealers to sell that year’s model before the calendar year ends. So think December and June for maximum savings.

 

2. Search for the best finance option or get a finance broker 

You may have this idea that finance is not the best way to save money but the truth is that very few of us have enough money in our accounts to buy a car outright. And even if we did, taking that much out of your savings is a rather depressing thought.

No, your best option is to finance that new car and keep your nest egg intact. By using a broker, you could be cutting down costs right off the bat by avoiding dealer finance which is often overpriced and has unfavourable terms.

However, when you use a broker, they will find you a variety of competitive rates currently on the market giving you the option to pick and choose the product that suits you best. And once you have the finance arranged, you can head to the dealer safe in the knowledge that you have the financial side of the deal sorted. This puts you in position of power with regards to buying, and if you play your cards right, you may be able to squeeze a few add-ons as a deal sweetener. Something that a dealer might not do if they were doing you the ‘favour’ of arranging your finance.

 

3. Ask about demo models

Demo models are those cars that you take for a test drive, and that usually spend most of their time in the showroom. They are always tricked out with all the very best features, but at some point, the dealer will need to get rid of their demo model and bring in a new one. And that’s where you come in.

Ask the dealer if they have any demo models for sale. These cars offer incredible savings and often have very low kms on the clock. And while a decent demo model may not be as cheap as a base model, it will have all of those additional features so you’ll get way more bang for your buck.

Just be careful to check all handles, buttons, and levers as these will have quite a bit of wear and tear considering how many test drivers played around with them in the showroom.

 

Ready to buy your next car? Don't forget to start your car loan journey at Lodex and see what rates you could get. 

Source: Aussie Finance Blog, 3 money-saving tips for buying a new car

Topics: Life Hacks

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